Yi Zhong charged with laundering money through Bitcoin for organised crime

A Sydney man has faced court accused of laundering underworld money with cryptocurrency bitcoin after police allegedly uncovered $1m in cash and a kilogram of ice.

A Sydney man had been charged with laundering underworld fortunes using bitcoin with NSW Police claiming the “head of the snake” was found with one million dollars and the deadly drug ice.

Yi Zhong, 30, was arrested in the early hours of Monday when NSW Police pulled him over in Homebush Bay.

The car had two bags containing a total of $1m.

Investigators raided his home at Wentworth Point allegedly uncovering a kilogram of methamphetamine, cocaine and electronic devices which were seized.

Yi Zhong who police say was the leader of a money laundering gang.

Yi Zhong, 30, has been charged with laundering money through Bitcoin for organised crime. Picture: NSW Police,

$1 million in cash was also seized.Picture: NSW Police,

NSW Police allege Zhong started a money laundering for hire business that dealt in cryptocurrency to try and evade the law.

The syndicate he allegedly commanded converted $5,479,300 into bitcoin, police claim.

Police sources allege Zhong is “the head of the snake” but Cybercrime Squad Commander Detective Superintendent Matt Craft said more arrests will follow.

“The message is clear... cryptocurrency does not place you beyond the reach of the NSW Police Force,“ he said.

He was hit with 24 charges, the bulk of which are related to knowingly dealing with proceeds of crime and one count of directing a criminal group.

Zhong did not apply for release when he fronted Burwood Local Court on Monday.

He will return to court in April.